First Time Buyers

The First Time Buyer Checklist

1. Save as much as you can for your deposit

You’ll typically need at least 10% of the value of the home you’d like to buy as a deposit, although some lenders offer deals with a 5% deposit. The bigger your deposit, the better choice you’ll have of mortgage lenders.

You may have received some money as a gift, which may be straight forward but will involve additional paperwork.

2. Find out how much you can borrow

The amount you can borrow will depend upon your income, outgoings and the value of the property you’re looking to buy. Your mortgage loan plus interest is required to be repaid each month, over an agreed period of time.

Our mortgage advisers are on hand to support you with your mortgage application and to help you understand your financial obligations and what information you will need to provide.

3. Check your credit score

When you apply for a mortgage, lenders will check your creditworthiness based on your credit history. This is rated and given a three digit figure. Typically, a higher score means you are considered lower risk, will be a responsible borrower and likely to repay the monthly payments; therefore you’re more likely to get a better rate.

We can help support you with ways to improve your credit score if this is something that concerns you.

4. Start house-hunting and find your new home

House-hunting can almost become addictive, especially when using property portals such as Rightmove and Zoopla.

Try to view as many houses as you’re able, so you can get a feel for the type of property you like: old, new, ready to move into or requiring some updating. This will also give you a good idea of what’s within your price bracket too.

5. Choose your solicitor

As you get closer to finding a house, you’ll need to appoint a conveyancer to carry out all the legalities.

We can help you source a suitable solicitor for your needs.

6. Make an offer and apply for your mortgage in principle

As soon as you’ve found the property you want to buy, it’s time for you to put in your first offer. This might be based on what you can afford, house prices in the area, and whether you may need to carry out repairs (as highlighted on your survey) to the property.

You will typically make your offer to the estate agent, who will pass it onto the seller. It’s normal that your first offer may not be accepted; be ready to negotiate, but always keep within budget.

Your mortgage advisor will be able to arrange your mortgage in principle, which is basically confirmation from a mortgage lender that they have agreed, in principle, to lend you a certain amount. Having this offer makes you more attractive to a seller, as it shows you’ve the means to buy their house.

We can take care of this process for you to find the right lender offering the most suitable deal for you.

7. Apply for your mortgage

We’re now ready to submit your application to your lender. The lender will arrange to have the property valued to ensure it matches the offer. Once this has been conducted, and approved, they’ll make you an official mortgage offer.

8. Get a property survey

It’s always recommended to arrange a survey on your home to check if the property is sound and if any work is required, particularly if you’re buying an older property.

If any issues are uncovered, you can either reduce your offer, or ask the seller to carry out the necessary work before you buy. We can organise this for you to help ease the pressure.

9. Arrange your insurances

From the day you exchange, you’ll need buildings insurance in place. We can search our database of insurers to help you find the most suitable deal for you.

10. It’s time to exchange contracts

While this process might have felt like it’s taken months and months, we’re nearly at the end! You’ll now pay your solicitor the deposit, and contracts will be exchanged. This means that both you and your seller are legally committed to the sale.

11. The final stage: completion

On the day of completion, your solicitor will obtain your mortgage funds and transfer the purchase money (less any deposit already paid) to the seller’s solicitors. Once received the keys to your new home will be released and available to collect from either your estate agent or the seller direct.